hello,
i am a regular GST businessman.
i am a trader of threads.
recently I purchased Printer's Ink Refill with 12% GST.
my query is that regarding this above mentioned purchase, do I have to show this particular entry in my accounts as a product purchase or service purchase?
will i get itc in this purchase of INK?
4 Replies
Bachu Sai Teja
(CA Aricle Assistant and CA final pursuant.)
(42 Points)
Replied 04 December 2020
Yes, you're eligible for ITC as you're using it for furtherance of your business. you can account as stationary.
Vijayprakash P
(1313 Points)
Replied 04 December 2020
Persons who are registered under GST Act are eligible to claim ITC in respect of taxes paid on all inward supplies of goods or services. Provide such goods or services received should be used in course of business or intended to be used for furtherance of business.
sham sunder
(67 Points)
Replied 04 December 2020
Yes; debit the ink value to stationery acount and debit the cgst &sgst input acount reflect in GSTR2
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(604 Points)
Replied 05 December 2020
As Item used in course of business or intended to be used for furtherance of business, then GST input eligible
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
